A Limited Liability Partnership (LLP) is a hybrid business entity combining the advantages of both a company and a partnership. Primary advantages include:
Limited Liability: Partners' liabilities are limited to their agreed contribution in the LLP.
Separate Legal Entity: The LLP is a separate legal entity from its partners, capable of owning property and entering into contracts.
Flexibility in Management: LLPs have fewer compliance requirements and offer flexibility in management and operations.
No Audit Requirement: Small LLPs (with turnover below a specified limit) are exempt from mandatory audit requirements.
https://www.registerkaro.in/types-of-companies